Crypto ETFs are accelerating their advance into the mainstream financial world. In addition to a surge in Altcoin ETF applications, institutional holdings of spot Bitcoin and Ethereum ETFs have risen sharply.

According to reports from The Block and Cryptoslate, as of Q4 2024, institutional investors' interest in spot Ethereum ETFs has increased significantly, with the institutional holding ratio of Ethereum ETFs jumping from 4.8% to 14.5%; meanwhile, institutional investors hold 25.4% of the assets under management (AUM) of spot Bitcoin ETFs, totaling $26.8 billion, a 113% increase in their holding ratio from Q3 to Q4 2024, and a 69% increase in total AUM to $78.8 billion. Particularly as more sovereign states and companies begin to include Bitcoin in their strategic reserves, and the staking expectations for Ethereum ETFs continue to rise, the market size of these ETFs will further expand.

This article by PANews compiled the Bitcoin and Ethereum spot ETF holdings of 15 institutions in 2024, covering investment firms, hedge funds, banks, and pension funds. The total value of their holdings exceeds $13.98 billion, with Goldman Sachs, Millennium, SIG, and Brevan Howard each holding billions of dollars. Compared to PANews' previous statistics on mainstream institutions' Bitcoin spot ETF holdings in multiple quarters of 2024, these institutions have significantly increased their allocations. In terms of holding strategies, the institutions have different market expectations and asset allocation directions, with many institutions making large-scale increases in the fourth quarter, particularly BlackRock's IBIT, which was the most attractive.

Goldman Sachs: IBIT holdings account for 83%, significantly reducing Grayscale ETFs

As of Q4 2024, Goldman Sachs held nearly $2.34 billion in Bitcoin spot ETFs, with IBIT accounting for 83.7%, and the rest in FBTC and GBTC. Compared to previous quarters, Goldman Sachs has significantly increased its holdings of IBIT and FBTC, while reducing and liquidating GBTC, BTCO, BITB, ARKB, and BTCW.

At the same time, Goldman Sachs also holds over $470 million in Ethereum spot ETFs, but Grayscale's Ethereum Trust ETH was significantly reduced in the third quarter, while BlackRock's ETHA and Fidelity's FETH were significantly increased.

Millennium: Total holdings exceed $2.8 billion, with IBIT and FBTC more favored

Millennium is one of the world's largest alternative asset management companies. As of Q4 2024, Millennium held nearly $2.62 billion in Bitcoin spot ETFs, with IBIT and FBTC accounting for 60.5% and 26.5% respectively, and the rest in BITB, ARKB, GBTC, and BTCO. Compared to the third quarter, Millennium's holdings increased the most in GBTC, IBIT, and BITB, and reduced FBTC and Grayscale's BTC.

In Ethereum spot ETF holdings, Millennium holds over $180 million, including ETHA, ETH, FETH, and ETHW. Among them, Grayscale's ETH was subject to a large-scale reduction by Millennium in Q4, while ETHA's holdings increased by 156%.

SIG: IBIT becomes the largest holding, significantly reducing Ethereum ETFs

SIG is a global quantitative trading company. As of December 31, 2024, SIG held over $1.89 billion in Bitcoin spot ETFs, including IBIT, GBTC, FBTC, and BITO. Among them, IBIT saw the largest increase in the fourth quarter, with an investment value of over $1.42 billion, accounting for 75.1% of the overall scale. At the same time, SIG also held about $113.6 million in Ethereum spot ETFs, including ETHA, FETH, ETHV, and ETH, but the holdings of these products all saw double-digit reductions compared to the previous quarter.

Brevan Howard: Over $1.4 billion invested in BlackRock ETFs

Brevan Howard is one of the world's largest macro hedge funds, with $40 billion in assets under management. As of Q4 2024, Brevan Howard added over $1.38 billion in IBIT during the quarter, making it one of the largest shareholders. Brevan Howard also increased its holdings of ETHA by about $94.15 million in the fourth quarter.

CapulaInvestmentManagement: Holdings approach $940 million, continuously increasing IBIT and FBTC

CapulaInvestmentManagement is one of Europe's largest hedge fund management companies. As of Q4 2024, CapulaInvestmentManagement held nearly $940 million in IBIT and FBTC, and the institution has been continuously increasing its holdings since the second quarter.

Schonfeld Strategic Advisors: Holdings exceed $900 million, adding Ethereum ETFs in Q4

Schonfeld Strategic Advisors is a hedge fund managing $13 billion in assets. As of December 31, 2024, Schonfeld Strategic Advisors held $850 million in Bitcoin spot ETFs, mainly in FBTC, IBIT, and BITB, all of which were increased to varying degrees in the fourth quarter. At the same time, Schonfeld Strategic Advisors also added about $75.28 million in ETHA and FETH in the fourth quarter.

Symmetry Investment: IBIT's quarterly increase exceeds 36 times

Symmetry Investment is a fund management company with a macro-hedging strategy. As of the fourth quarter of 2024, Symmetry Investment held $670 million in IBIT, an increase of over 36 times from the previous quarter's holdings.

Avenir Capital: IBIT holdings account for 99%, significantly reducing FBTC

Avenir Capital is a family office controlled by Huobi founder Li Lin. As of December 31, 2024, Avenir Capital held about $600 million in BlackRock's IBIT and Fidelity's FBTC, with IBIT accounting for 99% of the holdings. Compared to previous quarters, Avenir Capital chose to increase its holdings of IBIT and significantly reduce its holdings of FBTC in Q4 2024.

Mubadala Investments: Increased holdings of nearly $440 million in IBIT, becoming the seventh largest holder

Mubadala Investment Company, the Abu Dhabi sovereign wealth fund, is the second largest sovereign wealth fund in Abu Dhabi and one of the largest in the world.

Mubadala Investments began increasing its holdings of Bitcoin spot ETFs in Q4 2024 and is now the seventh largest known holder of IBIT. As of December 31, 2024, Mubadala Investments held 8.235 million IBIT, worth nearly $440 million.

TudorInvestment: Continued to increase IBIT holdings to $430 million

TudorInvestment is the investment company of billionaire Paul Tudor Jones, managing over $10 billion in assets. As of last year's fourth quarter, TudorInvestment held nearly $430 million in BlackRock's IBIT, 9.2 times the initial holding size in Q2.

State of Wisconsin Investment Board: Holdings exceed $330 million in IBIT

The State of Wisconsin Investment Board (SWIB), established in 1951, currently manages over $156 billion in assets, primarily serving the Wisconsin Retirement System (WRS) and the State Investment Fund (SIF).

As of December 31, 2024, SWIB held 6.06 million shares of BlackRock's IBIT, an increase of 109.7% from the previous quarter's nearly 2.9 million shares. Based on the current IBIT price of $55.33, SWIB's holdings are worth over $330 million. However, SWIB chose to liquidate 1.013 million shares of Grayscale's GBTC in Q2 2024.

LPL Financial: Holdings exceed $150 million, heavily weighted in GBTC and IBIT

LPL Financial is the largest independent broker-dealer in the US. As of December 31, 2024, LPL Financial held about $140 million in Bitcoin spot ETFs, mainly in GBTC and IBIT, as well as the BTC Trust, EZBC, and ARKB. In this quarter, LPL Financial increased its holdings of IBIT and EZBC, and newly bought BTC, BTCW, and BITO. LPL Financial also holds $16.39 million in ETHE, ETHA, and Grayscale's ETH Trust.